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MIAMI (CBSMiami/NSF) – A new report shows there is a lack of competition among insurers for certain types of residential policies Miami-Dade and Monroe counties. The report comes as the state looks to shrink Citizens Property Insurance Corp.

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The report, issued last week by the state Office of Insurance Regulation, stems from a 2013 law aimed at steering customers away from Citizens and to private insurers.

That law placed a gradually tightening set of restrictions on homes that could be insured by Citizens, with the restrictions not applying in counties where it is determined there is “not a reasonable degree of competition.”

The new report focused on policies that included coverage amounts from $900,000 to $1 million for homes and condominiums.

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Those are the first types of policies targeted in the restrictions in the 2013 law. But the report singled out Monroe and Miami-Dade as not having a “reasonable degree of competition” for those policies. It said Citizens covered 96.8 percent of that market in Monroe and 62.5 percent in Miami-Dade.

“The News Service of Florida contributed to this report.”


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